New Commission On Indexation of People’s Deposits in Savings Banks of Azerbaijan USSR Studies Possibilities
Azerbaijan, Baku, 31 January / corr. Trend I.Khalilova, I. Alizadeh/ The State Commission on the Preparation to the Indexation of Peoples' Deposits made to the Saving Bank of Azerbaijani USSR until 1 January 1992, will hold its first meeting in the first decade of February, Ziyad Samadzadeh, the chairman of the State Commission and the head of the Parliament Commission on the Economic Policy said.
According to Samadzadeh, currently the possibilities to repay these deposits are being studied and the issue will be discussed in Government with representatives of the Ministry of Finance of Azerbaijan within the next few days.
The repayment of deposits to the public was postponed several times due to the difficulties in the indexation process and a new commission with a new composition has been set up to carry out this process. The previous commission was headed by the Prime Minister Artur Resizadeh. The repayment process can commence only after its system is worked out and the Law on the indexation of the Peoples' Deposits Made to the Saving Bank of Azerbaijani USSR until 1 January 1992 is adopted.
The indexation process is carried out only in several CIS countries. Russia plans to carry out this process for 30 years. The issue of indexation has been raised in the Azerbaijani parliament, however the repayment process cannot commence until the Commission makes its decision. The repayment process requires the appropriate choice of coefficient for the country. The funds cannot be allocated from the public budget for this purpose until its mechanism is developed.
According to the initial estimations of the Ministry of Finance of Azerbaijan, the indexation process can take eight years and $600 mln should be allocated for this purpose. Some 1,986,000 depositors have been revealed during the inventory carried out in Kapital Bank. The total sum of the deposits is 4.8 bln rubles.
The indexation process has been completed only in Kazakhstan, Kyrgyzstan and Belarus. The indexation process is currently carried out in Russia, Ukraine and Moldova.